Structure/Trend - Bitcoin price on Monday depreciated against the US Dollar after consolidating sideways for the whole Asian and European sessions. The BTC/USD at the beginning of the US trading hours formed lower lows towards $6239. Before that, the pair was trading sideways owing to minimal momentum. It kick-started the Asian session with just shy of $6500 and recorded marginal gains as the day matured. BTC/USD started retracing below $6500 during the early European session, displaying weak pullbacks from the said psychological level. And, right around the time of writing this, and at the beginning of the US session, the pair has dropped by more than 2.5 percent already.
Hypothesis - From the above intraday structure, the downtrend still seems to be at the edge. From the chart drawn, it's seen that the strong support level($6299.51) on the daily, 4H, 3H, 2H charts has been tested again. In respect to previous occurrences & trader's jargon, the current MA is expected to be tested again which coincides with the first fib level(23.6%) as drawn at $6470.65154460. I'll be a bull as the Asian session is set to start. With the RSI also readig low.
Targets, Stops & Exits -
Entry - $6274.1688722
S/L - $6180.81871906
T/P - $6470.5154460
Hypothesis - From the above intraday structure, the downtrend still seems to be at the edge. From the chart drawn, it's seen that the strong support level($6299.51) on the daily, 4H, 3H, 2H charts has been tested again. In respect to previous occurrences & trader's jargon, the current MA is expected to be tested again which coincides with the first fib level(23.6%) as drawn at $6470.65154460. I'll be a bull as the Asian session is set to start. With the RSI also readig low.
Targets, Stops & Exits -
Entry - $6274.1688722
S/L - $6180.81871906
T/P - $6470.5154460